Manhattan Luxury Resales Continued to Slow in November

Overall market did better, with a slight uptick in median price from a year ago

The Manhattan luxury resale market continued to soften in November, with the median price declining 5.7% year-over-year, according to StreetEasy data compiled for Mansion Global.

In November, the median resale price of luxury properties fell to $3.15 million, down 0.7% compared with the previous month. StreetEasy, the New York-based real estate portal owned by Zillow, defines luxury as the top 20% of the market.

Annual price growth for the luxury segment started slowing in May 2014, according to StreetEasy.

The overall resale market in Manhattan fared slightly better, with the median price rising to $979,791, up just 0.5% from a year ago. The pace of price growth was the slowest for Manhattan since January 2011, according to a separate StreetEasy report released Thursday.

In the overall market, resale prices in Upper Manhattan grew at the fastest pace among submarkets in the borough, at 5.9% year-over-year. Downtown and the Upper East Side, two of the hottest markets in the past couple of years, each dropped 0.6%.

Brooklyn fared better than Manhattan in terms of price growth. November’s median resale price increased 3.6% year-over-year to $562,663. The Prospect Park area recorded the biggest price hike, rising 15.9% from a year ago to $881,672 and surpassing North Brooklyn as the most expensive area in Brooklyn.

New York Resale Markets in November

Area

Median Price

Y-O-Y change

Manhattan Luxury

$3.15 million

-5.70%

Manhattan overall

$979,791

+0.50%

Downtown

$1,212,793

-0.60%

Midtown

$853,301

+1.10%

Upper West side

$1,056,424

0.00%

Upper East Side

$978,725

-0.60%

Upper Manhattan

$633,144

+5.90%

Brooklyn Overall

$562,663

+3.60%

North Brooklyn

$859,236

-2.80%

Northwest Brooklyn

$846,686

+3.70%

Prospect Park

$881,672

+15.90%

South Brooklyn

$422,259

+5.30%

East Brooklyn

$474,388

+0.50%

Source: StreetEasy

It seems that potential buyers, who held off on entering the Manhattan market, may have turned to rental instead. In Manhattan, median monthly rent reached $3,245 in November, increasing 1.9% over the same period last year. Meanwhile, Brooklyn’s median monthly rent rose 0.9% year-over-year to $2,870.

DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.

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